Jen Dalitz

Aldermore Bank has appointed Azfar Rizvi as Head of Commercial Real Estate (CRE) within its Business Finance leadership team. Azfar brings extensive sector and leadership experience spanning Structured Finance, Corporate and Commercial Banking, and Strategic Change and Transformation. Azfar joins Aldermore from NatWest where he was Regional Director for Real Estate. His track record of originating and managing complex real estate transactions, coupled with long-standing relationships across the market, will help Aldermore strengthen its capability to back CRE clients and broker partners. Azfar will lead the CRE team and be responsible for developing the bank’s proposition for developers, institutional investors and owner-occupiers across both residential and commercial sectors. He will focus on providing flexible, relationship-led finance solutions across sectors and deal types, supporting Aldermore’s ambitions to grow its presence in the UK property market. https://lnkd.in/e6hN9aKa

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BHP just dealt a blow to the junior copper sector. At a recent shareholder briefing, CEO Mike Henry outlined the company’s copper ambitions. He said, “The copper growth story for BHP is one of the big stories. We have made so much progress. We now have four big copper growth basins on top of the 28% copper growth that we have seen in recent years.” But rather than chase more acquisitions, BHP is doubling down on its existing pipeline. That includes the massive Vicuna district in Argentina, a 50/50 venture with Lundin targeting production in 2030, and the long-delayed Resolution project in Arizona, discovered in 1995 and still tied up in regulatory battles with partner Rio Tinto. If these projects move forward, BHP would hold interests in four of the world’s ten largest copper mines. That is enough copper for BHP. For everyone else, it means one less major in the hunt for new reserves. It is not a death blow for juniors, but copper prices will have to do a lot more heavy lifting to get their attention.

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There are some significant structural changes going on in the world at the moment, with some meaningful implications for cross-asset price correlations. Here are the key takeaways from the note I wrote with Glen Bertram, Acting CIO for the JBWere and NAB Private Wealth CIO office (to get the full document, please contact your to your NAB banker or JBWere adviser). -We have written previously about the notion of regime change, and its utility as a framework in which to make sense of the many changes taking place across economics, politics and ultimately, financial markets. In our view, these shifts are both significant and likely to endure. -At the same time, the policy environment is changing too. Central banks are likely to face into both demand- and supply-side shocks in the new regime, which has different consequences for monetary policy. That this is occurring at the same time as central bank independence is being tested in some jurisdictions only amplifies the challenges. -One important consequence of these changes relates to the stability and directional characteristics of cross asset correlations. Many fundamental assumptions that investors and risk managers have taken as constant appear to be changing as we transition into a new regime. -In our view, this is consequential for both portfolio construction and risk management practices, and hence the topic of this note, jointly written with our colleagues in the JBWere & NAB Private Wealth CIO Office. -For portfolio construction, the most significant changes relate to correlations between government bond and equity market performance and AUD/USD and US equity market performance. These changes are likely to force (for local investors) a reassessment of optimal USD growth asset exposure and hedging levels, as well as a consideration of new or “alternative” defensive assets. -For other financial participants, there is much to absorb. At a minimum, the cost of hedging will rise, and scenario analysis will need to envisage a wider range of outcomes. A more de-synchronised global economy will influence cross market correlations and perceptions of both counterparty and sovereign risk.

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How does NZ Super Fund harness the role of data analytics in machine learning, strategy testing, sustainability, and digital transformation? Data scientist Anastasia Moskvina shares the innovative approach taken by the New Zealand #sovereign fund, at this year's 11th annual [i3] Global Investment Strategy Forum https://lnkd.in/gmYteASh Kathryn A Kerner

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